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The Big Picture San Diego Blog


Research Q2 2019

June 21, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers May 2019. Check out EDC's research bureau for more data and stats about San Diego's economy. 

This report is sponsored by Manpower San Diego.

Highlights include:

  • The region’s unemployment rate was 2.8 percent in May, down from a revised 3.0 percent in April 2019, and unchanged from the year-ago estimate of 2.8 percent
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 3.5 percent and 3.4 percent, respectively
  • Between April 2019 and May 2019, total nonfarm employment increased from 1,501,600 to 1,510,600, adding 9,000 jobs
  • Between May 2018 and May 2019, total nonfarm employment increased from 1,485,000 to 1,510,600, adding 25,600 jobs
  • Between May 2018 and May 2019, education and health services led the year-over gain, adding 8,700 jobs

 

June 5, 2019

Today, San Diego Regional EDC and its employer-led Inclusive Growth Steering Committee officially endorsed a regional goal to create 50,000 new quality jobs within small businesses by 2030. Driven by EDC’s latest study release, Equipping Small Businesses to Compete, the regional goal and accompanying set of employer recommendations aim to help small businesses in San Diego to compete.

 “If you care about the future of San Diego—economic competitiveness and mobility—then you need to pay attention to small businesses,” said Janice Brown, board chair, San Diego Regional EDC. “From large employers to elected officials, it’s everyone’s responsibility to make sure that small businesses have the tools to succeed.”

In its new study, EDC found that while small businesses—those with fewer than 100 employees—employ the majority of San Diego’s workforce, only 26 percent of jobs in small businesses are quality jobs—those that pay enough for economic security (paying wages of at least $40,529 per year or $19.49 per hour).

Additional key findings include:

  • Due to financial challenges, small businesses pay 14 percent lower average wages.
  • Only 36 percent of all businesses are minority-owned, and about the same proportion are woman-owned.
  • Opportunity industries, such as construction and transportation, offer a greater number of quality jobs than many innovation industries, including precision health and cybersecurity. Additionally, many opportunity industry jobs can be accessed without a bachelor’s degree.

Citing these key findings, it’s important for the region to invest in diverse founders, support existing small businesses, and focus on job growth within opportunity industries. San Diego will be able to drive a greater economic impact and broaden access to quality jobs, especially for people residing in communities with lower rates of educational attainment.

“When small businesses succeed, it leads to more quality jobs, better local economies, and healthier communities,” said Jane Finley, senior vice president and area manager, Kaiser Permanente. “We support this goal and invest in programs like Inner City Capital Connections because Kaiser Permanente believes that investing in small businesses and creating more quality jobs leads to improved health and well-being for every San Diego resident.”

EDC’s Inclusive Growth Steering Committee is led by large employers, who understand the crucial role that small businesses play in the regional economy.

In order to meet its goal by 2030, the Inclusive Growth Steering Committee is committed to collaborating with other regional employers through the following actions:

  1. Transparency – connect with and better understand existing local service providers to strengthen their capacity and resiliency.
  2. Engagement – commit to mentoring and/or building strategic partnerships with small businesses in high-growth, high-wage industries, particularly from underrepresented groups (women, minority, veteran, disabled, low-moderate income).
  3. Investment – invest directly in small business support programs, such as supplier diversification and growth acceleration initiatives.

For more information about these actionable recommendations or a complete list of employers committed to this effort, visit smallbiz.inclusivesd.org.

EDC’S INCLUSIVE GROWTH INITIATIVE

In 2018, EDC launched a data-driven initiative focused on promoting inclusive growth as an economic imperative, emphasizing that San Diego employers must take active measures to promote inclusion, or the region will no longer be able to compete with other regions. Together with its Inclusive Growth Steering Committee, EDC aims to set regional targets and release actionable recommendations for three main goals: build a strong local talent pool; equip small businesses to compete; and address the affordability crisis.

Additionally, San Diego recently won a $3 million grant from JPMorgan Chase’s AdvancingCities program to further propel the inclusive growth initiative and its goals.

For more information about the Inclusive Growth initiative, visit inclusiveSD.org. Join the conversation at #inclusiveSD.

**Read the full press release.**

 

May 17, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers April 2019. Check out EDC's research bureau for more data and stats about San Diego's economy. 

This report is sponsored by Manpower San Diego.

Highlights include:

  • The region’s unemployment rate was 3.0 percent in April, down from a revised 3.6 percent in March 2019, and below the year-ago estimate of 3.1 percent
  • The region’s unemployment rate remains lower than both the state and national unemployment rates of 3.9 percent and 3.3 percent, respectively
  • Between March 2019 and April 2019, total nonfarm employment increased from 1,492,600 to 1,500,400, adding 7,800 jobs
  • Between April 2018 and April 2019, total nonfarm employment increased from 1,480,000 to 1,500,400, adding 20,400 jobs
  • Between April 2018 and April 2019, education and health services led the year-over gain, adding 7,600 jobs

April 19, 2019

Each month the California Employment Development Department (EDD) releases employment data for the prior month. This edition of San Diego's Economic Pulse covers March 2019. Check out EDC's research bureau for more data and stats about San Diego's economy. 

This report is sponsored by Manpower San Diego.

Highlights include:

  • The region’s unemployment rate was 3.7 percent in March, up from a revised 3.5 percent in February, and up from the year-ago estimate of 3.4 percent.
  • San Diego’s unemployment rate remains below both the state rate of 4.6 percent and the national rate of 3.9 percent.
  • The labor force contracted by 8,000 workers over the month, but is currently up 15,100 compared to a year ago.
  • Total nonfarm employment is up 4,300 in March and up 20,100 over the year.
  • The largest employment gain over the year occurred in educational and healthcare services, which added 7,700 jobs.

 

April 11, 2019

San Diego Regional Economic Development Corporation released a study—Qualcomm’s Contribution to San Diego’s Economy, showcasing how the company’s investment in the community has impacted the industry, economy and region as a whole. Since its humble beginning in 1985, Qualcomm has been at the forefront of innovation, entrepreneurship and research and development (R&D.) It settled with a home base in San Diego, providing a significant economic impact and tremendous contributions to our region since its founding.

Qualcomm is not only a technology industry leader in our region; it also engages the marketing, accounting, legal services, consulting, environmental and engineering industries in San Diego, in-turn creating jobs and opportunities along every step of the company’s tech journey. Just in 2018, Qualcomm had an economic impact of approximately $4 billion in the San Diego economy. To put that into perspective, it’s the equivalent of 41 Breeder’s Cup World Championships, 27 San Diego Comic-Cons and 3.6 San Diego Convention Centers.

Further, in 2018, Qualcomm created approximately 1,600 job postings, recruiting top-tier entrepreneurial talent while continuing to dedicate resources to strengthening our communities and educating the next generation. To its core, Qualcomm understands the importance of investing in the workforce of tomorrow. They have done just that through an interactive tutorial program called Thinkabit Labs, which engages students from different backgrounds and inspires them to be the next generation of inventors – combining science, technology, engineering and mathematics (STEM) for an educational and hands-on learning experience. Through Thinkabit, students mature by learning real-world problem-solving skills, collaborate in teams and motivate creativity on a myriad of levels. Qualcomm has hosted students from 107 schools across San Diego, inspired close to 22,000 local students and helped them create more than 5,000 inventions. Over the course of this program, Qualcomm has expanded and collaborated with 20 school districts and organizations.

Just as Qualcomm has invested into our youth, it has equally invested into our local communities. Since 2000, Qualcomm has donated more than $355 million to the San Diego community from both Qualcomm and the Qualcomm Foundation. Just in the last five years, Qualcomm employees have donated to more than 1,000 local organizations, requested matches for more than 17,900 organization and contributed more than $26 million to local communities. Qualcomm truly is a trailblazer for local philanthropy.

Many people think of Silicon Valley as the premier technology hub in America, however Qualcomm is working tirelessly to bring that title to San Diego. It’s no secret that Qualcomm is one of the leaders in 5G and also a premiere leader in creating technology the world loves. More than 130,000 patents and patent applications have come from Qualcomm in the past year. While it couldn’t have been done without our San Diegans, this type of technology and innovation is something that should be celebrated. Roughly 12 percent of the region’s total tech talent is employed by Qualcomm. To break down the impact on local jobs, Qualcomm has created: 10,170 induced jobs, which come from the result of local spending of labor income; 7,680 indirect jobs, the effect of local, inter-industry or B2B spending through existing economic structure; and 10,030 Qualcomm employees, which all adds up to an outstanding 27,880 total jobs. Because of this, for every job at Qualcomm, an additional 1.8 jobs are supported elsewhere in the San Diego economy. It truly is the job multiplier – integrating other companies and industries to provide support and collaboration that leads to industry-leading technology.

Our economic study “Qualcomm’s Contribution to San Diego’s Economy” shows some of the great contributions that Qualcomm has given to the San Diego region, but it wouldn’t be possible without the people. Thank you to the communities, employees and organizations that are helping build San Diego.

*Qualcomm sponsored this study and provided employee data for EDC's impact analysis.*